Government Loans

FHA also known as Federal Housing Administration a mortgage loan insured by HUD in case the borrower defaults on the loan, 3.5% down payment, easy credit qualifying, FHA collects upfront mortgage insurance premium typically financed into the loan and a monthly insurance premiums. ​

VA also known as Veterans Administration a portion of the mortgage loan guaranteed by the VA, for military or retired military or eligible surviving spouse. no down payment required, no private mortgage insurance, with limited closing costs and competitively lower interest rates. ​

USDA also known as Rural Development, this is 100% financing income eligible financing in rural areas. 1% Upfront Guarantee fee is collected and financed into your loan, a monthly mortgage insurance premium of .35% is included in your monthly mortgage payment. For more information click the link below.

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A government-backed home loan is a mortgage that is insured or guaranteed by a federal government agency. These loans are designed to make homeownership more accessible and affordable for qualified individuals.

Government-backed loans often feature lower down payment requirements, more flexible credit criteria, and competitive interest rates compared to conventional loans.

The main agencies include the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA).

FHA loans are typically available to borrowers with lower credit scores and smaller down payments compared to conventional loans. Eligibility requirements may vary by lender and locations less than 20% of the home’s purchase price.

VA loans are available to eligible veterans, active-duty service members, and certain military spouses. They often require no down payment and do not require private mortgage insurance (PMI).

USDA loans are designed to promote homeownership in rural and suburban areas. Eligible properties must meet specific geographic and income criteria established by the USDA.

Qualification criteria can vary depending on the type of loan and the specific lender. Generally, factors such as credit history, income stability, and debt-to-income ratio are considered.

Closing costs may include loan origination fees, appraisal fees, title insurance, and prepaid taxes and insurance. Some government programs allow for these costs to be rolled into the loan.

Yes, government-backed loans can be used for refinancing existing mortgages under certain conditions, such as reducing monthly payments or accessing equity for home improvements.

In the event of default, the government agency that guaranteed the loan may cover part of the lender’s losses. Borrowers should contact their lender immediately if they anticipate financial difficulties.

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